Google parent Alphabet plans to reorganize its digital advertising business amid stepped up efforts to integrate artificial intelligence into automated platforms, according to a report. GOOGL stock rose on speculation the reorganization could lead to job cuts, improving profit margins.
Also on Wednesday Raymond James analyst Josh Beck resumed coverage of Google stock with an out-perform rating.
On the stock market today, GOOGL stock rose 1.2% to close at 138.34. With Wednesday's gain, Google stock approached a cup-with-handle entry point of 139.42.
Further, GOOGL stock has advanced 59% in 2023.
GOOGL Stock: More AI In Ad Platform
In addition, the Information reported Tuesday that Google plans to restructure its ad sales teams that focus on big advertisers.
Meanwhile, Google is integrating new "generative AI" into internet search ad products.
In 2022, Google rolled out the Performance Max advertising platform. It automates buying across YouTube, internet search, display, Gmail, maps and other applications. Performance Max lets advertisers manage campaigns across all Google ad inventory.
Further, Google's Relative Strength Rating stands at 82 out of a best-possible 99, according to IBD Stock Checkup. The best stocks tend to have an RS rating of 80 or better.
In January this year, Alphabet announced plans to cut 12,000 jobs around the world, equivalent to 6% of its global workforce.
Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
